Print | Close this window NYMEX-Crude dips then pares loss on consumer view Fri Jun 11, 2010 2:43pm GMT * U.S. May retail sales fall, push crude lower * U.S. consumer sentiment up, helps oil pare losses * Coming up: CFTC positions report 3:30 p.m. EDT (1930 G) NEW YORK, June 11 (Reuters) - U.S. crude oil futures slipped on Friday on disappointing U.S. retail sales and a report of slowing industrial output in China, but then pared losses on improving consumer sentiment. Crude futures prices that had posted gains in the three previous sessions. "China showed weaker-than-expected industrial output and, combined with disappointing retail sales, is causing a slight give-back of recent gains," said Tom Bentz, a broker at BNP Paribas Commodity Futures Inc in New York. Sales at U.S. retailers unexpectedly fell in May for the first time since September, according to a Commerce Department report on Friday. [ID:nN11109609] A report later in the morning that U.S. consumer sentiment improved in early June to its strongest level in nearly 2-1/2 years [ID:nN11121462] helped bring crude back off its lows. "There has been good resistance in the area of $75.69, 50 percent retracement of the drop from $87.15 to $64.24 (in May), and the retail sales number put a damper on things," said Robert Yawger, senior vice president, energy futures, at MF Global in New York. The $64.24 intraday low on May 20 was the weakest front-month price since $62.76 was struck on July 30, 2009. The drop to $64.24 was from a 2010 peak of $87.15 struck on May 3. The dollar surrendered gains against the yen on Friday after the retail sales data dented risk appetite. But the dollar index .DXY was up. The euro EUR= seesawed near flat against the dollar after the consumer sentiment report, trying to extend a three-day winning streak versus the dollar. [USD/] PRICES * On the New York Mercantile Exchange at 10:24 a.m. EDT (1424 GMT), July crude CLN0 was down 50 cents, or 0.66 percent, at $74.98 a barrel, trading from $73.51 to $74.64. * In London on the Intercontinental Exchange, July Brent crude LCON0 was near unchanged, down 1 cent at $75.28 a barrel, trading from $74.17 to $75.72. The July Brent contract expires on Tuesday. * NYMEX July RBOB RBN0 rose 0.24 cent, or 0.12 percent, to $2.0729 a gallon, seesawing between $2.0390 to $2.0849. * NYMEX July heating oil HON0 was near flat, up only 0.01 cent at $2.0239 a gallon, trading from $2.0048 to $2.0413. * The July/July heating oil crack spread <0#CL-HO=R> was at $10.44 a barrel. The spread ended Thursday at $9.90. The July/July RBOB crack spread <0#RB-CL=R> was at $11.98. The spread ended Thursday at $11.48. * The spread between the current front month and the five-year forward crude contract CLc61 was at $13.90, based on the July 2015 contract Thursday settlement at $88.88. The spread ended on Thursday at $13.40. TECHNICALS NYMEX crude 10-day/20-day moving average: $73.35/$71.88 Technical support/resistance: NYMEX crude: $73.51/$76.20 NYMEX heating oil: $1.9747/$2.0710 NYMEX RBOB: $2.0235/$2.1065 For a full report on technicals, click on [ID:nLDE65A0TQ] MARKET NEWS * China's consumer inflation accelerated to a 19-month high in the year to May, while industrial output and fixed-asset investment growth moderated. [ID:nBJL002034]. * Valero Energy Corp (VLO.N) said maintenance work was underway on a reformer and a hydrotreater at its refinery in Paulsboro, New Jersey. [ID:nWNA3245] (Reporting by Robert Gibbons; Editing by Walter Bagley)

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